Kudlow says trump respects fed while blaming bank for stock meltdown

President Trump President Trump Donald John TrumpTrump repeats claim he paid his rallies Five takeaways from the final Tennessee Senate debate Trump rails against Dems at Pennsylvania rally as Hurricane Michael batters Florida MORE What he said was "gone crazy" with "ridiculous" interest rate hikes.

National Economic Council Director Larry Kudlow told reporters that Trump's fierce criticism should The President on Wednesday blamed the Fed for spurring on a massive stock market slide. "

" He has his views, " Kudlow said Thursday of Trump. "But he's not saying to you, 'Change your plan, do this differently.' None of that stuff. He knows the Fed is independent and he respects that. "

Trump has frequently criticized the Fed and its chairman, Jerome Powell, for a series of planned hikes meant to bring back interest rates to historically neutral levels. Unlike most Republicans and right-leaning economists, Trump prefers the Fed to keep rates at a lower level to stimulate further job growth.

overheating and spurring rapid inflation. Trump has dismissed these concerns and said they were "unnecessary."

Rising interest rates are one of several factors spooking investors, and stocks suffered on Wednesday their worst losses since February. The Dow Jones Industrial Average sunk 3 percent, while the Nasdaq and S & P 500 fell lost 4 percent and 3.3 percent each.

Trump blamed the Fed for Wednesday's market meltdown despite saying earlier in the day that the losses were at expected correction. Trump.

Kudlow said Thursday that he agreed with Trump's first explanation of the stock slump, and would not take emergency action to stabilize markets.

"As he said yesterday, this is a long-overdue correction. He said that. I happen to agree with that, by the way, "Kudlow said.